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*UPDATE: This article originally focused on the HomePath Renovation loan. That program was discontinued in October 2014. However, other renovation mortgage options do exist - like FHA 203k and HomeStyle Renovation! Read more here. I was watching TV over the weekend, and saw a promo for a couple of Mike Holmes shows on DIY-network. It got me thinking: a lot of folks love do-it-your-self work. While home improvement loans don't promote DIY work necessarily, it's not out of the question. The FHA 203k is less forgiving, but HomePath Renovation lays out specific guidelines for just this occasion. Let's look at 5 do-it-yourself repairs you can do under the HomePath Renovation mortgage. Download our Ultimate Guide to Home Improvement Loans and learn more about all your renovation options.
Take a look at the Battle Creek, Michigan area and you'll see a variety of homes for sale. From big homes to small abodes, your Cereal City housing market is full of diversity. One of the options for Battle Creek mortgage loans includes the Fannie Mae option called HomePath. What is HomePath? It's essentially a financing option available to home buyers considering a Fannie Mae-owned home. In other words, it's using Fannie Mae-backed financing to buy a home Fannie Mae owns through foreclosure.
What's the better home improvement loan option when it comes to buying a fixer upper? What mortgage will pay for the remodeling you want, or the renovations you need? And just how much will it all cost? If you're looking at a house that needs some extra attention - maybe it's missing the furnace or needs a new roof and paint - then you're probably looking to compare the top home improvement loans: FHA 203k vs HomePath Renovation.
As a home buyer you have quite a few options for buying and financing a house. You could buy a newly constructed home no one else has ever lived in. You could buy a vacant home owned by a bank that was foreclosed. You can look at fixer-upper homes - or started homes - that you can add your touch to and make your own. You could look at urban homes with neighbors only inches away or rural properties where you couldn't hit the next house with a rock. For financing, you could look at a conventional mortgage, and FHA loan or the USDA Rural Development. Let's add another layer: HomePath and HomePath Renovation.
Once a home is foreclosed, the water and electricity are turned off and over time, it becomes overgrown and shady looking. Yet most foreclosed homes are an unpolished diamond in the rough that can be transformed into a lovely haven especially for first time home buyers.
A number of issues are involved with buying foreclosed homes, not the least of which is a clear title. When people think of taking on a home associated with a troubled mortgage or related default, many worry about the inside of the home or its systems being damaged by the previous owner’s anger. However, while such damage where it occurs can be frustrating and a financial problem, a disputed title can be much worse.
For home buyers with small down payments looking to get a "good deal" on a house, HomePath® can be a great mortgage loan option. This option is for Fannie Mae owned homes specigically. Fannie Mae owns housing stock across the country due to all the foreclosure activity over the last few years. Now the mortgage backer wants to get rid of these properties - it's not in the business of owning homes.